Uncertainty generated by the hung parliament vote saw the pound crash - but it was quick to recover.

The pound fell by more than 1.5% to 1.27 US dollars and more than 1% to 1.13 euros in trading in the wake of the exit poll that first suggested Theresa May was not going to get the resounding majority she was after.

“The uncertainty of a potential hung parliament has given sterling yet another hit, with a 2% drop overnight. For many; the worst result for confidence in currency," said Jon Ostler, CEO of finder UK told the Mirror.

But it had soon stabilised, rising to €1.14 and $1.28 by the time a hung Parliament was confirmed.

“As the results have rolled in and confirmed the exit poll result, the pound has remained relatively stable, suggesting that the prospect of a hung parliament and a second vote is not triggering market panic," said Kathleen Brooks, research director at City Index, told Mirror Money.

“Perhaps the market is looking at this result as a vote for a softer Brexit, which could boost the pound in the long run."

And while uncertainty is normally bad for markets, this time it might be a good thing.

“The British people may have voted to leave the EU last year, but it seems like they want a trade deal and don't want an exit to hurt the prospects for the economy," Brooks said.

“Ironically the uncertainty formed by this election result is not causing market panic, even though who governs the UK now hangs in the balance."

What does it mean for you?

Well, in the short term little has changed since the day before the election.

For people looking to buy holiday money this is how to get the best deal you can on holiday cash:

1. Opt for more than one payment method

“The best thing is to buy when you feel comfortable to do so, and follow rules to make sure you get the most for your cash," explained Emma Coulthurst at TravelSupermarket.

“Carry a market-leading credit or debit card for use overseas, a pre-paid card and also some cash. Don't rely on just one form of payment.

“Compare online to get the best rates - find the place where you have to hand over as little sterling in exchange as possible."

An online comparison by TravelSupermarket found a holidaymaker could save £106.49 by buying €1,000 with the best-buy company (Thomas Exchange UK) versus the most expensive (Heathrow's Travelex) - so a couple of minutes comparing rates is always a good idea.

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“Make sure you get credit and debit cards that are specifically designed for overseas usage with minimal (if any) charges," Coulthurst said.

“Many credit and debit cards carry a 2.99% transaction fee with some having additional one-off fees for purchases. That's an extra £2.99 to pay for every £100 you spend.

“Debit cards also tend to include a hidden currency loading fee which can add as much as 3% to the cost - so watch out."

There's also eye-watering ATM fees which could add as much as 5% of your withdrawal to your bank statement.

Metrobank, Norwich & Peterborough and Nationwide all offer accounts with debit cards that don't charge for use in some countries.

Halifax, Saga and Nationwide are amongst a handful of providers who offer credit cards with no fees for spending abroad.

2. Purchase a buyback guarantee

Whether you choose to exchange today or nearer the time to your holiday, a 'buyback guarantee' will cover you should the rates fall even further, while you're away.

This gives you the option to return any remaining currency back into sterling, at the same rate you initially paid for.

Ask for this at the checkout before exchanging your money. You may have to pay more for the service, but, it means if the currency worsens while you're abroad, you won't lose out any more.

As Moneycorp retail director Pauline Maguire explained: “This means that if the rate has fallen against your favour on your return, you can still swap any remaining currency back at the same rate you bought it."

3. Set up a tracker - and cash in on the spike

If it's the risk factor that's worrying you, keep an eye on rates in the run up to your holiday, and when the pound does start to improve (even just slightly) cash in on it.

Order your currency online, and you'll also be able to reverse this decision if the rate gets even better in the run up to your holiday (more on this later).

Travelex global head of retail Vincent Arcuri said: “When it comes to buying your travel money, getting the best value is all about finding the most purse-friendly exchange rate.

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“One way to get the best deal is to use a Travel Rate Tracker . This monitors exchange rates so you don't have to, and helps you get the most foreign currency for your pounds.

“Remember, it's important here to look at the total price that a transaction is going to be and not just at the exchange rate, since there can sometimes be additional fees added to your purchase.

4. Don't buy currency at the airport

The worst decision you can possibly make is to trade your money the airport.

That's because airport concessions offer some of the highest rates around - and you could end up flushing half of your holiday savings down the drain.

“ Don't leave changing money to the last minute. You'll miss out on better rates and end up paying as much as 19% more at the airport meaning you could lose £150 for every £1,000 exchanged," FairFX chief executive Ian Strafford-Taylor told Mirror Money.

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“If you leave it as late as the airport, you'll face among the worst exchange rates in the country."

If you have left it to the last minute, you can buy online the day before and pick up cash at the airport if needed. The rates might not be the best available, but it will be a lot better than if you just turn up.

Firms such as Travelex ad Tesco Money offer you the option to reserve a rate - for up to 30-days - when you order online.

This means you can buy your currency now for collection after the election results are announced.

If the value of the pound improves, you can cancel the order - for free - to get your money back and buy again when the rate is more favourable down the line.

If the pound drops, you can collect your currency at the exchange rate that you locked in when you made your order.

If you are cancelling, be sure to double check any fees before exchanging anything.